Tax dept releases refunds of over Rs 2.6 lakh crore to ease financial constraints of citizens

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Refunds worth more than Rs 2.62 lakh crore has been issued to more than 2.38 crore taxpayers in 2020-21 compared to Rs 1.83 lakh crore in the corresponding period of the previous fiscal—an increase of almost 43.2 per cent.</p>
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A statement issued by the Central Board of Direct Taxes (CBDT) said that the just-concluded financial year has been a year full of challenges—both globally as well within the country due to the Covid 19 pandemic.</p>
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While income tax refunds of approximately Rs 87,749 crore have been issued in 2,34,27,418 cases, corporate tax refunds of about Rs 1,74,576 crore have been issued in about 3,46,164 cases during this period.</p>
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“The government has, from time to time, come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic. To provide immediate relief to the taxpayers, both individuals and business entities, the government has issued income tax refunds in majority of the pending cases with alacrity,” the statement said.</p>
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The CBDT also said that it has been the government’s endeavour to come out with various measures to ease the economic fallout of the pandemic and in line with the same, the tax department has issued pending refunds expeditiously.</p>